Revision Of Mahb Takeover Terms Sets Unhealthy Precedent Says Wan Fayhsal

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Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal says the revision of the privatisation threshold has denied Malaysia Airports Holdings Bhd’s minority shareholders a share price based on its current market valuation.
PETALING JAYA: The revision of Malaysia Airports Holdings Bhd’s (MAHB) privatisation threshold from 90% to 85% is questionable and sets an unhealthy precedent, says Machang MP Wan Ahmad Fayhsal Wan Ahmad Kamal.
In a statement today, Wan Fayhsal claimed that the authorities had disregarded the views of MAHB’s independent directors, and failed to protect the rights of minority stakeholders.
He said the authorities had also failed by allowing large institutional investors to change the offer rules and “bulldoze” the privatisation process.
“This sets an unhealthy precedent that allows offerors to ignore the independent directors’ views and minority rights,” he said.
Wan Fayhsal said the revision by Khazanah Nasional Bhd and the Employees Provident Fund had deprived MAHB’s minority shareholders of their right to a share price based on its current valuation.
The MP urged the Public Accounts Committee to conduct a total review of the privatisation process.
Gateway Development Alliance, the consortium led by Khazanah, EPF and BlackRock-linked Global Infrastructure Partners, was reported yesterday to have revised the acceptance condition by lowering the threshold which the joint offerors were required to achieve to at least 85% of the total number of MAHB shares issued.
Wan Fayhsal previously claimed that five independent directors were terminated by Khazanah allegedly due to their opposition to the proposed privatisation of MAHB. However, MAHB refuted the claim. - FMT

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